To do this, Emolument calculated the percentage of managing director’s salary earned by associates, before giving each bank a score out of 20 based on the result.

Associates are mid-level employees who usually have at least a few years of experience under their belts, which means they're usually still in their 20s. MDs on the other hand, are some of the most senior employees at any firm, overseeing teams of hundreds, if not thousands, of people.

Speaking about the results of its fairness study, Emolument cofounder and chief operating officer Alice Leguay said: "We expect that our Fairness Index will vary from one year to the next depending on the bank's needs to retain certain generations of employees. As we saw this year, Associates across the board saw a substantial bump up in their bonuses, while in the previous couple of years they had been overlooked in favour of revenue-generating staff such as MDs and Directors."

18. JP Morgan — 8 points: JP Morgan is the least fair of all the major banks in the UK. It pays managing directors an average of more than £900,000. Associates by comparison earn just £105,000, just 11% of an MD's salary.

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17. Lloyds Banking Group — 9 points: While Lloyds was fairly low on the overall pay scale — placing just 13th — it is one of the most unfair banks to work at. Associates earn £63,000, roughly 13% of an MD's salary.

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16. Jefferies — 11 points: Jefferies is relatively unknown outside of the world of finance, as well as being one of the least fair banks in terms of remuneration. Managing directors earn £473,000, more than five times what associates take home.

14. Deutsche Bank — 11 points: Deutsche Bank may have seen profits slump this year, but that hasn't narrowed the pay gap between managing directors and associates. The average associate at DB takes home £115,000, compared to £675,000 for an MD.

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13. Citigroup — 13 points: Citi is one of seven banks to score 13 points on Emolument's Fairness Index, with junior bankers earning just under 19% of what MD's take home.

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12. BNP Paribas — 13 points: Of the three French banks listed by Emolument, BNP's junior workers get the worst deal, taking home an average of £91,000 compared to the £470,000 pocketed by more senior employees.

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11. Goldman Sachs — 13 points: Goldman may have a reputation as a ruthless bastion of capitalism, but its not the most unfair bank in terms of pay. Still, associates earn around £440,000 per year less than managing directors at the bank.

10. HSBC — 13 points: According to Emolument, HSBC is the joint fairest British headquartered bank. Despite this, managing directors still earn just over five times more than associates, picking up an average of £537,580.

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9. Nomura — 13 points: The only Japanese bank to make the list, Nomura is just as fair as the likes of Goldman, BNP, and Citigroup. Associates pick up around 19.6% of the salary of a managing director at the bank.

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8. RBS — 13 points: The fairest bank in the UK along with HSBC, RBS associates take home £87,500, compared to the £442,500 earned by managing directors.

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7. Morgan Stanley — 13 points: Morgan Stanley associates are the best paid at any bank trading in the UK, earning £136,000 per year. However, MD's at the bank pick up £682,000, meaning there is still a pretty substantial pay gap at the bank.

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6. Bank of America — 14 points: Bank of America is officially the fairest American bank in the UK according to Emolument, with associates generally picking up £125,000, around 21% of the £600,000 made by MDs.

5. UniCredit — 14 points: Italy's biggest bank isn't a household name in the UK, but it has a substantial operation here. The bank also has one of the fairest pay scales in the sector, despite being the second lowest paying institution. Associates pick up £93,000 a year, compared to the £350,000 taken home by MDs.

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4. Credit Suisse — 16 points: CS is the only Swiss bank on Emolument's list, but it is easily one of the fairest banks in Europe. Associates take home 24.4% of what managing directors make.

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3. Commerzbank — 18 points: Commerzbank ranks dead last in the overall pay scale, but it is one of the fairer banks out there. Associates earn £75,000, compared to £350,000 picked up by MDs.

2. Societe Generale — 18 points: The two fairest banks trading in the UK are both French, with Societe Generale just missing out on top spot. Managing directors get an average of £369,000, roughly 3.5 times what associates earn.

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1. Credit Agricole — 20 points: The fairest bank for pay in Britain, at least according to Emolument, is France's Credit Agricole. Associates earn £102,500 in total, 29.5% of the £347,500 given to employees at the managing director level.